$ZEC traded above its January 2018 peak as futures volume hit billions of dollars and a Grayscale filing showed fresh progress toward converting its $Zcash Trust into a spot ETF.

$Zcash surged nearly 38% to more than $814 on Saturday, surpassing its January 2018 peak amid growing social media comparisons to $Bitcoin.

Futures trading dwarfed spot activity, signaling leveraged buying that could amplify both gains and any reversal after prices swung 45% within 24 hours.

Zcash reached a market value of $13.87 billion as Grayscale pursued a spot exchange-traded fund and another DCG subsidiary discussed acquiring about 200,000 $ZEC.